Belgium: Instant Payments to be Implemented by November 2018

On October 12, 2017, the Belgian Financial Sector Federation (FEBELFIN) published a press release highlighting the benefits of the implementation of instant payments for consumers and the country itself. Belgian banks have set November 2018 as the target date for vesting consumers with such an option.

One of the main advantages that will be brought about by instant payments is that transfers will be faster, as interested parties will have the opportunity to make transfers seven days a week, 24 hours a day, including holidays and/or weekends.

Instant transfers could still be made even if the beneficiary’s account and the payer’s account are held in different banks.

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